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January 28, 2021

Why Classic Cars Need Collision Insurance

Classic cars are worth a lot of money, usually considerably more than the average set of wheels. They require from their owners significant investments of both commitment and monetary value. They are also very hard to repair or replace once they sustain damage. That’s why to most classic car owners, the thought of having a wreck is anathema. 

Still, you cannot predict the future, and you never know when you might have an accident while out in your vintage set of wheels. But to be prepared for any eventuality, you can have collision insurance added to your classic auto insurance policy. This is an important benefit that you should never consider going without as long as a classic car represents value to you. 

Let’s take a closer look at how collision insurance works. 

What is collision insurance? 
All vehicles face accident risks; that’s just part of driving. Collisions are one of the leading causes, nationwide, of both vehicle damage and subsequent auto insurance claims. Whether you back into a building or hit another car in your classic automobile, the damage to your own car could be a very challenging and scary loss to face. 

The added risk of wrecking a classic car is that these vehicles are often much harder to repair or restore. Both the vehicle as a whole and each of its individual parts are no longer top-of-the-line technology, and the parts necessary to fix them often are no longer made. This isn’t a vehicle that you can take to your average collision center. It will usually require specialized and often more expensive repairs.  

However, if you have collision insurance as part of your classic auto plan, then you will be able to file a claim against your policy for your losses. With the help of your policy, you will be able to significantly reduce your own cost burden for the ramifications of an accident. 

How will it pay me for vehicle damage? 

The terms within your classic auto plan’s collision coverage will work to minimize your personal expenses following an accident. However, there are some special terms and limits attached: 

  • Most classic auto plans pay based on an agreed value of the vehicle. This is not equal to the cash value coverage offered by most standard auto plans, which factors in the vehicle’s depreciation. 

  • You generally have the option to adjust the agreed value coverage limit on your plan as your vehicle’s value changes over time. 

  • Plans will cover the specialized repair often required for classic cars. 

  • Most plans offer coverage to help you replace the custom, rare or specialty parts of these vehicles, which is part of the overall restoration process.


Keep in mind, however, that collision insurance is not the only component of a classic auto policy. You must carry all coverage required by your state of residence, and you should also carry comprehensive insurance, which will pay for vehicle damage that arises from hazards other than collisions. Your agent is here to help you find that solution. 

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